FTI Consulting Survey Identifies Top Risks and Opportunities for Healthcare & Life Sciences Sector in 2024
13 Dezembro 2023 - 9:30AM
FTI Consulting, Inc. (NYSE: FCN) today announced the results of its
U.S. Healthcare & Life Sciences Industry Outlook 2024, which
found that although leaders in the sector are less optimistic about
the industry’s financial outlook for 2024, they expect technologies
such as artificial intelligence (“AI”) to transform drug
development and revolutionize the healthcare and life sciences
industry.
Among the top findings, sector leaders are notably less
optimistic about the industry in 2024 compared to previous years,
with 68% of respondents feeling optimistic about the healthcare and
life sciences industry overall, down 8% compared to 76% from last
year’s survey.
Respondents believe the sector is facing a number of risks in
the coming year, with 40% citing economic uncertainty as the
biggest liability, followed by cybersecurity (24%), talent scarcity
(24%) and declining reimbursement rates (21%). Cybersecurity made
the largest jump, climbing from the seventh most-significant risk
in last year’s survey.
Despite these tempered expectations, the survey found 66% of
respondents are optimistic about the ability of transformative
technologies like AI to create efficiencies within and outside of
drug development. Half of the companies surveyed plan to increase
their overall budget from 2023, with 48% investing more in research
and development (“R&D”).
“As we head into next year, the sector is at a crossroads.
Investment in the sector’s core competency — development of
innovative medicines — is expected to increase, with AI predicted
to drive change both within and outside of R&D,” said Robert
Stanislaro, a Senior Managing Director and Head of the Healthcare
& Life Sciences’ Corporate Reputation offering within the
Strategic Communications segment at FTI Consulting. “While Food and
Drug Administration approvals in 2023 have already exceeded the
total number seen in 2022, 2023 has not seen the uptick in
dealmaking volume and overall investment in biopharma many were
expecting. This trend, combined with disinformation campaigns,
initial implications of the Inflation Reduction Act (‘IRA’) and
macroeconomic uncertainty, is leading to cautious optimism for
2024.”
Despite broader economic uncertainty driving continued caution
across the sector year over the last year, two out of three (67%)
respondents anticipate higher M&A activity, and about half
(48%) of respondents foresee higher Special Purpose Acquisition
Company (“SPAC”) activity in 2024.
Ahead of the 2024 election in the U.S., sector leaders are
divided on how the Biden administration has impacted the industry
(49% positive vs. 40% negative). This mixed sentiment also
translated into divided views on the IRA. Leaders expect the IRA to
encourage the development and demand for vaccines (62%) and
biologics (60%). However, a quarter of respondents (25%) expect the
legislation to negatively affect patient access to and
affordability of care and 22% believe it will curtail orphan drug
development in the coming year. Notably, 58% of respondents expect
more lawsuits to be filed against the U.S. government by
pharmaceutical and life sciences companies as a result of the
regulations’ impact on business activity.
“As companies face increasing market pressures, technological
disruption, public scrutiny and political unpredictability,
leadership must constantly assess the political landscape to manage
and mitigate risks,” said Lauren Crawford Shaver, a Senior Managing
Director and Americas Head of Healthcare & Life Sciences within
the Strategic Communications segment at FTI Consulting. “Companies
can build momentum toward smarter, more effective policies by
strengthening alliances and communicating effectively to multiple
stakeholders ahead of policy initiatives.”
The full survey report is available here.
About the SurveyThis research was conducted
online by FTI Consulting’s Strategic Communications segment between
October 9-18, 2023, with 250 decision-makers in corporate
communications, investor relations, public affairs, business
development and marketing for healthcare and life sciences
companies in the United States. Forty-three percent of respondents
represent large companies (with more than 250 employees), and
roughly one third (35%) represent publicly listed companies with a
weighted average $5 billion market cap.
About FTI ConsultingFTI Consulting,
Inc. is a global business advisory firm dedicated to helping
organizations manage change, mitigate risk and resolve disputes:
financial, legal, operational, political & regulatory,
reputational and transactional. With more than 8,000 employees
located in 31 countries, FTI Consulting professionals
work closely with clients to anticipate, illuminate and overcome
complex business challenges and make the most of opportunities. The
Company generated $3.03 billion in revenues during fiscal
year 2022. In certain jurisdictions, FTI Consulting’s services are
provided through distinct legal entities that are separately
capitalized and independently managed. For more information,
visit www.fticonsulting.com and connect with us
on Twitter
(@FTIConsulting), Facebook and LinkedIn.
FTI Consulting, Inc. 555 12th Street NW
Washington, DC 20004 +1.202.312.9100
Investor Contact: Mollie
Hawkes+1.617.747.1791mollie.hawkes@fticonsulting.com
Media Contact: Matthew
Bashalany+1.617.897.1545matthew.bashalany@fticonsulting.com
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